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| Sunday, 14 March 2004 |
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| News Business Features Editorial
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DEX system inaugurated by Hiran H. Senewiratne The Debt Securities Trading System (DEX) of Colombo Stock Exchange (CSE) was ceremonially inaugurated jointly by the Minister of Finance K.N. Choksy and the Governor of the Central Bank A.S. Jayawardena. The DEX is an electronic state- of- the- art trading system for the secondary trading incorporate debt securities, which will have a beneficial interest rate for government's treasury bills and bonds. The legal ownership of the government securities purchased on behalf of investors, would remain with the Central Depository System. Minister Choksy said that the DEX system would increase the secondary market activities at the CSE and eliminate paper transaction and create a greater transparency in the market. The CSE could play an important role to increase the investor sentiment of the country and the activities of the secondary market to a greater extent, he added. Increasing the wage level to enhance the purchasing power of the people was vital to counter the ever increasing prices of imported goods and services, said Minister Choksy. Souring world market prices were beyond the control of any government since Sri Lanka was heavily dependent on imports, he said. For the development of the country there should be both short and long term projects and CSE could play a vibrant role in promoting investor sentiment. This would enable to attract foreign direct investment thereby creating several employment opportunities in various fields. Besides, it would also create a strong secondary market in the country. The DEX system could enable investors to buy and sell shares with an initial capital of Rs. 10,000, which would be particularly beneficial to small-timers. The CSE had already incorporated three specialised debt trading members in the DEX- Seylan Merchant Bank Ltd, National Wealth Corporation and Capital Alliance - who had been granted a licence. In addition, member firms of the CSE were also eligible to use the DEX. The DEX developed by Millennium Information Technologies (MIT) was implemented in June 2003. |
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